Where does the money from property taxes go?
Schools receive the majority of the money from property taxes, based on a 25-mill levy. The city is limited to a 9-mill tax levy, and .25 mills each go to the state and to the Columbus Development Authority, with 3 mills going to the Columbus Hospital Authority for indigent care. Under the current tax system, a mill generates about $ .1 million. It is not known how much a mill would generate if the tax freeze is removed and all property is taxed based on 40 percent of fair market value, minus applicable homestead exemptions. ——-What is the fair market value of a house? Columbus Chief Tax Appraiser Martin Land said fair market value is normally based on sales of comparable properties and structures in an area, a subdivision or a neighborhood. If your neighbor sells his property for a much higher price than yours, that may not increase the fair market value of your property, because one sale does not make a market. But if the neighbors all around you sell for that higher price, your
Related Questions
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